When are tax rebates paid?

Welshlassie

Our accountant submitted my DH self assessment for his first year as self employed back in January for year 06/07. The calculation identified that there was an overpayment of tax to the tune of around £450. How and when will this be paid??

Thanks

Linda_Secker

I seem to remember it gets paid around early June? Not entirely sure, but I think it was then that I got mine - BUT I fill in my tax return the week it arrives, I don't leave it till the following January. Since most people do leave it till the last minute I would expect the IR to be at their busiest so it may take longer.... Sorry, that's maybe not a lot of use....

What I do know for certain, is that your DH will only get the money back if his accountant asked for that....on the tax return you can ask for a refund, or you can ask for the amount to be knocked off the following years bill...

Regards
Linda

Mikeyorks

Much less quickly than had he submitted it online. If, as sounds likely, he submitted a paper return - you won't get the refund until HMRC get round to processing it. So it's very much luck of the draw as to how big is the pile it's in?

Welshlassie

Mikeyorks wrote: »

Much less quickly than had he submitted it online. If, as sounds likely, he submitted a paper return - you won't get the refund until HMRC get round to processing it. So it's very much luck of the draw as to how big is the pile it's in?

It was submitted online - HMRC were quick enough to tell him it was incorrect and reduced the amount of tax due, but we still haven't seen hide nor hair of the rebate or notification as to when we are likely to get it.

dizzyf

We filed online, and were due a rebate. I phoned local office and requested payment last Thursday, and the cheque arrived today! However, they said if you don't request payment, they just let it lie on your account.

chappers

Welshlassie wrote: »

It was submitted online - HMRC were quick enough to tell him it was incorrect and reduced the amount of tax due, but we still haven't seen hide nor hair of the rebate or notification as to when we are likely to get it.

Not much of an accountant then is he

They are normally pretty quick with rebates Not had one for many a year but I remember they always used to come within a few weeks, chase them up.

Welshlassie

chappers wrote: »

Not much of an accountant then is he

My thoughts as well, but its been done now. :rolleyes:

I'm going to have a go next year, was a bit difficult for this one as it was his first year self-employed and I had just had a baby when it arrived so not really an ideal time to start having a look.

chappers

Indeed should be well within the capabilities of your average person, but it's knowing what to claim for that is the hard bit. My advice would be to find yourself a decent one man band accountant, he will save his fees (which are allowable against tax)every year.

System

It depends on whther the accountant asked for any overpaid tax to be refunded. If he did then he might also have asked for it to be returned to him as your agent. Perhaps you should check with him/her to see what they indicated on your return.